Gold closed lower due to profit taking on Tuesday while extending last week's trading range. The low range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 1095.30 would confirm that a short term top has been posted. If April resumes this month's rally, the reaction high crossing at 1142.90 is the next upside target.
Gold's pivot point for Tuesday evening is 1108.17
First resistance is Monday's high crossing at 1131.50
Second resistance is the reaction high crossing at 1142.90
First support is today's low crossing at 1099.60
Second support is the 20 day moving average crossing at 1095.30
Secrets of the 52 Week High Rule
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